In Escrow - Hard Money
501 Gateway
501 N 44th Street, Phoenix, AZ 85008 United States
Building Size
102,305 SF
Building Size
102,305 SF
OVERVIEW
- Four-story institutional-quality office project totaling ±102,305 square feet (SF) and adjacent four-story parking garage.
- ±76% leased to a diverse mix of high-quality tenants.
- Outstanding near-term leasing success. Despite being in shell condition, 12,365 SF (12% of the building) was leased to two tenants in the 2nd quarter.
- Over $5.1 million invested in renovations, building systems upgrades and tenant improvements from 2016 to present.
- Flexible L-shaped floor plates, which are perfectly suited to efficiently accommodate both large and small tenants.
- Buildings with floor plates accommodative to smaller tenants (up to 30,000 SF, divisible to 3,500-5,000 SF) within a 3-mile radius of 501 Gateway boast a healthy ±13.7% vacancy rate.
- Significant tax savings potential from pending appeal (not modeled herein, call Cushman & Wakefield team for details).
- Exceptional value with pricing at approximately a fraction of replacement cost. Recreating a building of this size and quality would exceed ±$500/SF.
- Expansive window lines provide majestic views from upper floors of the Papago Buttes, Camelback Mountain, and Sky Harbor International Airport.
- True ‘transit’ location within walking distance of the Metro Light Rail, four (4) different freeways within five (5) miles of the property, and near-immediate vehicular and rail access to the Sky Harbor International Airport.
- Strategically located at the northwest border of Downtown Tempe, benefiting from access to Tempe’s Mill Avenue Entertainment District, a 24/7 live-work-play urban hotspot, and its other amenities.
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Details
- Building Size:
- 102,305 SF
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